Finance Minister Pravin Gordhan has announced that South Africa's economic growth has been revised from 0.9% to 0.5% during his Medium-Term Budget Policy Statement in Parliament today.
He was welcomed by an emphatic standing ovation by Members of Parliament (MPs) in the National Assembly, with chants of "ANC, ANC, ANC" by some members.
Watch the livestream below:
Our goals remain the same - to promote social transformation, a more inclusive economic growth, to achieve a much better life for South Africans— Pravin Gordhan, Minister of Finance
Deputy President Cyril Ramaphosa, Minister Aaron Motsoaledi, Gwede Mantashe. opposition parties and the business community have shown support for Gordhan in recent weeks.
He is scheduled to appear in court on 2nd November on a fraud charge laid by the National Prosecuting Authority (NPA) in relation to his approval of former Sars official Ivan Pillay's early retirement package, when he was SARS Commissioner.
He also urged graduates who receive funding from government to pay their loans back to enable incoming students to receive subsidised education.
We appreciate the graduates who go on to earn higher incomes will in due course contribute a share of these gains to the next generation. Pay back some of the money.— Pravin Gordhan, Minister of Finance
Listen to Pravin Gordhan's speech below: